Settlement?

Chase has offered a friend of mine the opportunity to settle his second mortgage. The first mortgage is for $315,000 with another bank, and a second with Chase is for $203,000. His first is up-to-date, but he has not made any payments for over six months on his second. Chase offer was if he pays $30,462.28 by the end of the month they would forgive the entire $203,000, plus interest and late payments on his second. According to three local realtors he has contacted his house is worth over $600,000. Does anybody know why Chase would intervene on their arrangement when on paper it looks as if they foreclosed, paid off the first, and then sold the home there would be more than enough equity for them to be made completely whole on their second mortgage. DW in WA